No matter if you’ve just graduated college and are ready to join the workforce, or if you’re halfway up the career ladder, it’s always best to devote a portion of your focus to retirement. There’s no telling what government monetary assistance will be available in the future, so it’s best to do what you can to supplement your retirement. Besides checking out options with companies like American Advisors Group, you should also look into other steps you can take to beef up your retirement savings.


Maximize Your HSA

If you currently have a high-deductible health plan or are thinking about getting one, it’s a good idea to max out your Health Savings Account as much as you’re able. This is because you can withdraw your HSA funds tax-free, no matter how much that specific investment has grown. By making the most of this tax advantage, you can use the build-up of funds during your retirement to take care of those inevitable health care expenses, meaning that you have more money from your regular retirement savings to spend on things other than health care in your golden years.


Consider an IRA

Depending on where you work, your employer may offer a 401(k), 457 plan, 403(b) or something similar. No matter what that workplace savings plan is, you should consider supplementing it with an IRA. With such a plan, you can kick back as much as $5,500 a year to your IRA. One essential thing to bear in mind with an IRA is the fact that there are two different types: a traditional IRA and a Roth IRA.

With a traditional IRA, you’ll make contributions with after-tax dollars, and those contributions could be tax deductible, depending on if you already have a workplace savings plan to which you contribute. Know that your contribution growth is tax-deferred.

As for a Roth IRA, your contributions are not considered tax-deductible since all contributions are made on an after-tax basis. With this particular type of IRA, your growth is tax-free, so you won’t have to worry about paying federal income tax on contributions or earnings. Be sure to check with your employer to see whether your current income qualifies you for a Roth IRA.


Look Into a Reverse Mortgage

This tip is specifically aimed at homeowners. Just as you pay the bank when you have a mortgage on your home, a reverse mortgage, like AAG Reverse, allows you to receive payments from the bank in exchange for a portion of your home’s equity (which you’ll lose). The money you receive can be put towards your retirement, but know that you’ll have to pay for mortgage insurance, closing costs and fees to get the reverse mortgage ball rolling. Also, know that you do not have to pay back the money you receive from a reverse mortgage as long as you don’t sell your home, so this retirement supplement tip is one you may want to keep tucked away until you’re closer to the age of retirement.


Take Care of Your Debts Before You Retire

Any debts that you have now should be eliminated before you retire. While you may have the option of working during your retirement, you’d probably rather spend that money on something other than debts that you’ve been whittling away at for decades. If you’re currently paying off a mortgage, car payment, student loan or the like, then you already know the type of emotional toll they can take on you. You don’t want to deal with that weight when you should be enjoying retirement, so do everything in your power to unsaddle yourself of that burden now.


There are simply no guarantees when it comes to what will happen when you retire. Boost your chances of happiness by doing everything you can to set your future self up for success.